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javalin... first, make sure it's saved in your scripts folder, not your indicators folder... restart your platform... it should show up under scripts... click and drag to the chart... a box will show up... all you need to input is your entry point and stop loss, that's it
I found the step by step as detailed by the author as being quite helpful.
I'm at work, in and out of meetings so won't be around until this evening... if you can't figure it out please let me know and I'll try to assist.
Trade #11 - NZD/JPY (Short) (cont)
SL moved to +180 pips
TP moved to +368 pips
SG - I don't think the strategy I was working with is promising on a long term consistent basis. I began by looking at a couple of months worth of charts and things looked good. As soon as I started forward testing with small lot sizes things just seemed too 'random'... a lot of whipsawing and such.
If you don't mind, I'd like to start looking at maybe testing the Pincher setup with various risk/reward ratios and such, going back in time and then forward.
When confirming divergence, do you wait for a candle to close before entering?
Hi everyone... I just thought I would share a very slick script that I came across recently. I know everyone has their different way of trading, testing, etc.
I've always been interested in looking at risk/reward ratios. It helps me determine the probability needed for a given strategy to succeed.
Here's a script that plots the entry, SL and various TP points based on different ratios...
http://www.forexstreet.net/profiles/blogs/risk-reward-indicator-for-mt4
Hi SG, I thought I'd let you know that I took the time to download the true MACD and look at some of your posted charts. Just glancing a bit at the past without doing any serious back testing, this setup looks AMAZING...thank you!
May 4 AM Breakout
... but on that note, given a possible reversal, I have put in an entry order this morning going long on the GPP/JPY. Nice double bottom and the 1st retracement going up may have finished. I'm not going to enter until it breaches the most recent high. SL is swing low on retracement. 2 lots again (1:1 and 2:1)
Here is how it looks...
Okay, I'm off to work now.
May 3 Breakout
Last night I set up 2 entry orders. One for the GBP/USD to go short and another for the GBP/JPY to also go short. Lot 1 was 1:1 while lot 2 was 2:1.
Neither were hit as a reversal seemed to materialize. Am I disappointed? Not at all. The entries are just as much about keeping me out as they are about getting me in.
Here are charts to show what my intentions were. Vertical line marks where I put in my orders.
GBP/JPY
GBP/USD
Changes to my breakout strategy:
I still plan to test this strategy over the next couple of months. However, I realized very quickly that I needed to make changes to my risk/reward ratio. I was working with an approximate 1:2 ratio on my 1st lot. Trading with such a ratio means that your win/loss probability needs to be quite high. 2/6 wins on May 3 led me to believe that it wasn't as high as I needed it to be. Meanwhile, my 2nd lot was controlled by a dynamic stop of 20 pips that had a tendency to stop out my trades prematurely. Metaphorically speaking, in attempting to ride the wave I was getting caught in the ripples.
In changing things a bit, I'm going to look at only 2 pairs for a while - GBP/USD and GBP/JPY. I like the movement of both these pairs. Six pairs were a bit too much for me time wise and my wife was getting impatient!
I'm set the SL to 30 pips + the spread. I'm still buying two lots; TP1 is 30 pips (1:1) while TP2 is 60 pips (2:1). The latter automatically moves SL to break even once 30 pips is hit.
Lastly, I'm only going to create entry orders in the direction of the trend on a H4 chart. Here, I'm simply determining trend direction by whether the pair is trading above the 200MA (up trend) or below (down trend).
Okay, that's it for now.
Trade #11 - NZD/JPY (Short)
This pair is FINALLY starting to move south. I may move my SL and TP points in a day or too if it continues.
This is a story I too am very familiar with. I wish I can say I haven't followed the path at all (or even only once). No, I've done it, said I wouldn't do it again, and then guess what? I follow the same path. I'm really trying to work on my discipline. Admittedly, it's not easy.
I think we'll be okay if we can above all remember to follow good money management technique (though I have been guilty of straying from that as well).
Good evening SG... no problem at all. I'm just appreciative for the invitation to post here! My trades went poorly last night. I've fine tuned my SL and TP points tonight to achieve a more desirable risk/reward ratio. We'll see how things play out.
Thanks Qui... I've been following your ride on the A/U position. I sure do wish you well with it. For any strategy including the pincher where, like you said, movements can continue for some time before turning your way, I'm still trying to learn when to keep averaging down and when to just take a loss. I've done both well and not so well with each choice. I suppose the answer for many is to take the loss if it reaches the limit your prepared to risk. I'm still learning this lesson.
Thanks for your welcome gitonwithit!
Thanks for your welcome gitonwithit!
Not so much for the strategy I'm using - just the smaller details (TP and SL points). I do like the concept of a breakout strategy. Here, I'm trying to set up entry trades, then sleep on it while they execute. I just need to be able to give the trade a little breathing room so I don't get stopped out on minor fluctuations.
I don't want to throw the baby out with the bathwater!
I do like your philosophy on letting the trade come to you and not vice versa. Thank you!
thanks tickettoride... I think I may be going back to the drawing board sooner than later on this one!
May 2 Breakout
3/12 wins, -117 pips
Okay, this has not been a great start to this strategy...
Two of the pairs (GBP/USD and GBP/JPY) had huge moves that I should have been able to easily ride down. These would have been captured by Lot 2, which had a trailing SL of 20 pips. I have to either increase the SL to give more breathing room or else reconsider the use of a dynamic SL.
GBP/JPY (Lot 1 = 11.9 pips; Lot 2 = 2.4)
GBP/USD (Lot 1 = 12.3 pips; Lot 2 = -8.9)
The other pairs didn't do as well. Hmmm... I may have to give this a bit of tweaking!!!
EUR/USD (Lot 1 = -20.2 pips; Lot 2 = -12.8)
USD/JPY (Lot 1 = -20.1 pips; Lot 2 = -19)
USD/CHF (Lot 1 = -20.4 pips; Lot 2 = -9.9)
EUR/JPY (Lot 1 = -20.1 pips; Lot 2 = -12.3)
Hello everyone... I thought I would just say a quick hello. I've been following the board for a while but haven't said anything until now. I've been starting to track many of my trades on my own message board. Simplegreen was kind enough to stop by and say hi.
Anyway, I just wanted to say I appreciate the amount of sharing that's on this board. If you can make a house a home virtually speaking, all of you have certainly done so.
I'm experimenting with a breakout strategy at this time. In addition to recording on a spread sheet, I plan on fully reporting results on my board. Like any, I suppose it'll either work or it won't. My biggest enemy is whipsawing. A bit of fine tuning will hopefully allow me to provide some breathing room without negatively affecting risk/reward. I'm going to compile results for 2 months on 6 pairs. If successful I would be more than happy to share results with this board.
All the best to everyone and their trading...
Cheers!
Perse
Thanks simplegreen... my plan is to forward test for two months using 6 currencies, entering data in a spreadsheet I've created, and then possibly filtering future entries based on a couple of factors. I just need to determine whether there are any correlations first.
All is done using 1K lot sizes on a micro account. Not a lot of harm to be done.
In the meantime, I might just have to come by and say hello!
Hi simplegreen... first of all, I just want to say I'm honoured that you would choose to visit my board. This has really made my day! I read every single entry that you and others post on Simple's Green Room. I'm humbled by the amount of experience that is collectively contained in that group. I'm not an active participant but I certainly am a participant. I must admit I'm pretty shy. I'm been looking at your latest pincher setup. My biggest problem is my day job takes me out of trading during times of high liquidity. I've tried waking up and trading from 4-6am MST. It's just tough.
I've been trying to develop another approach that would allow me to trade daily and also sleep well. It's simply based on taking advantage of breakouts after times of consolidation (or less liquidity). No indicators - just price action. I'm very excited about it. I will be writing more shortly in my Ibox. It's very systematic - I enter the same number of trades each night in the same way. No emotion at all. And yes... I know there's no holy grail in Forex trading... but, if I can grab a handle on probability and risk/reward, I might be able to at least discover a cup that doesn't leak (too much)!
If successful, I will definitely share with your group and perhaps seek some suggestions for improvement.
We'll talk soon simplegreen...
perse
May 1 Breakout
2/4 wins, -20 pips
Okay... I'm going to try something a bit different. It's a system based on the breakout of a box. I know this is a theme that is common in some circles, often around the opening of the London or New York sessions.
Anyway, this is similar to that. I will post details a bit later when I have time. I started it last night. Entry orders will be set up each night. Next post will reveal last night's results.
Scalping - April 27 AM
Traded the G/J this morning
1 out of 3 trades for a total LOSS of 55 pips. I don't think I'm a big fan of 5am trading... not a great start to the day!
Trade #11 - NZD/JPY (Short)
NZD/JPY, short 2K at 9:40pm
Entry: 65.328
SL: 66.753 (swing high)(142 pips)
TP: 62.502(2:1 PL) (282 pips)(tentative)*
*In all likelihood, I will move my SL and TP if the pair starts to fall so that I can ride the movement down and lock in profits at the same time.
Trade #10 - NZD/JPY (Short)
Hit SL for 78 pip gain.
Trade #10 - NZD/JPY (Short)
SL moved to 65.513 (78 pips locked in)
Scalping - April 18 PM
Traded E/J and N/J
5 out of 6 trades for a total of 40 pips.
Even though the numbers look good, I'm disappointed in myself for not cutting my losses earlier and regrouping when I should have. Instead, I averaged up (going short). Ultimately, I came out on top. However, I hate the feeling of being out of control like that. Just when I thought I had it...
I'll be back in the morning.
Okay, closed the 3K for a 14.6 pip gain. I'll add to today's scalping session
Trade #10 - NZD/JPY (Short)(Added)
Added 3K at 4:16pm
Entry: 64.979
Simply added on the retracement
Scalping - April 18 AM
I sat at the computer from 430-530am. I did not enter any trades. The ADX was more or less flatlining. That suits me just fine. These are good opportunities to learn that it's important not to enter trades just for the sake of entering trades.
By the way, my 2 longer term trades are progressing nicely. It looks like the USD/CHF may stop out if the retracement continues That would be a 192 pip lock in. The NZD/JPY is coming down nicely as planned. If this continues I'll start moving my SL to lock in profits as I ride down.
Scalping - April 17 PM
Traded E/J and E/U
3 out of 5 trades for a total of 17.5 pips.
In addition to my posted trades here using the D1/H1 setup, I have been taking the time to learn a bit more about scalping. In fact, I've found the simplegreen board to be very helpful in terms of ideas and commentary.
One method that has caught my eye is simplegreen's pincher setup. It consists of setting up the ADX/DMI indicator, waiting for the ADX line to go up above 50 and either the +DI or -DI to fall below 10. As it crosses back up, if both DIs are seen to be converging, enter long if it's the +DI crossing up and short if it's the -DI crossing up. I've been using the MACD (12,26,9) as a way to confirm entry. I've been scalping using the M1 chart.
Anyway, I've been trading about an hour in the evenings (10-11pm) and an hour in the mornings (5-6am). So far, the mornings seem to be better as there's more liquidity. I've been following my money management rules and have done quite well for the last couple of weeks.
There are definitely some pairs that are better than others. My favorites are the EUR/JPY are EUR/CHF. I find that those pairs often offer a big enough range on the M1 charts to squeeze 10 to 20 pips in a short period of time. We'll see if that continues.
I'm going to try and remember to post snapshots following each trading session.
Trade #10 - NZD/JPY (Short)
NZD/JPY, short 2K on April 15
Entry: 66.292
SL: 67.006 (swing + 30 pips)(71 pips)
TP: 64.005(1:1 PL) (228 pips)(tentative)*
Reason for trade: This is a pincher play on the D1 chart
*In all likelihood, I will move my SL and TP if the pair starts to fall so that I can ride the movement down and lock in profits at the same time.
Trade #9 - USD/CHF (continued)
So far this has been a good trade. I've changed my exit strategy a bit. I've been wanting to ride the trend on this. I do expect it to make lower lows. What I've done is move my SL to the top of the previous days candle... well 2 days ago (April 13) while things are consolidating a bit. So far I'm ahead 257 pips. SL is set at 193 pips for now.
Trade #9 - USD/CHF (Short)
Okay, we're going to try this again. This time it appears that the retracement is complete and the pair is starting to resume its trend downwards.
USD/CHF, short 2K @ 10:29pm EST
Entry: 0.91841
SL: 0.93508 (swing on closed candle + 11 pips)[I wanted to set my SL above the psychological barrier of 0.9250] (167 pips)
TP: 0.90164(1:1 PL) (168 pips)